We're neutral | 30 December 2020

Technical observation

Price broke above a resistance line 1.2267 with a big green candle and is currently trading with an increasing bearish momentum. I expect a loss of this bearish movement at the same line for a possible surge to the upper side. My advice, remain flat temporarily and wait for a bounce at 1.2267 to buy EUR with your take profit at 1.2318 and stop loss at 1.2246. If price penetrates above the level 1.2318 with a big green candle, you can anticipate a further surge to the upper side, however, in case of a break below the line same line, I anticipate a momentum of price to the lower side after a retracement.

Trade recommendation

Remain flat temporarily.